Tuesday, April 20, 2010

Brazil March Tax Revenue BRL59.42B, Up 6.1% Vs 2009

BRASILIA (Dow Jones)--Reflecting the continuation of a local economic recovery, Brazilian federal tax revenue rose in March to a record level for the month, the federal tax department reported Tuesday.

The government reported revenue rose 6.1% in inflation-adjusted terms from March 2009 to 59.42 billion Brazilian reals ($34.05 billion).

The result was slightly lower than median market estimates of around BRL60 billion, however, and was up 10.4% from BRL53.54 billion reported in February.

The March result brought tax collection for the year to date to BRL185.98 billion.

According to the tax department, an elevation in revenue over recent months has been aided by increased collection from industry, which is up 17.2% so far this year. Additionally, collection from commerce has risen by 11.9% and collection from personal income is up by 7.2%.

In particular, collection of Brazil's Cofins welfare tax is up by 22.8% so far this year, while collection of the PIS welfare tax has risen 15.0%, the department noted.

Brazil collected a total of BRL698.3 billion in tax revenue in 2009, down 2.96% in real terms from 2008.
Brazil's economy, however, is seen growing by more than 5% in 2010 after near zero growth seen last year.

-By Gerald Jeffris, Dow Jones Newswires; (5561) 3335-0832, gerald.jeffris@dowjones.com